offer on house, choice of two....

stolt

Hi i recently posted a few weeks back regarding a 4 bed detached house which had just come on the market at 380k, i offered 350k and it was turned down. I re offered 358k and they accepted it on the principle that we moved in 6 weeks. It was priced particulary well for what it is and the current climate.

The House next door is a 5 bed and has been on the market for 450k since September 2007, we offered 430k at the beginning of 2008 and it was rejected.

The first hosue the owners have lsot the house they wanted so are now looking again, but despite originally syaing they would move to a hotel/rent to let us buy theirs that isnt very forthcoming.
i decided to try my luck on the 450k house yesterday, offered 400k and it was rejected saying they were looking for 425k but EA said I think we could do a deal on 420k.

The problem is.. house one is a 4 bed house fairly small back garden, with a small 4th bed so we decided at 358k we could spend 60k on extending over the garage and study and also converting one of the garages to a playroom.
So doing all that work and obtaining planning permission is only going to get us what next door already has and would accept 420k but for that we have purpose built house. There are no recent sales in the street for detached hosues to compare prices in that a similar 4 bed style house went for 392k back in 2006.

So is it makes sense to go for the 5 bed at 420k, but i feel that they havent dropped enough in this current climate. Although personally i think 420k is a good price but after reading the threads i feel i should be asking for more off.


maybe a offer of 405k would tempt them or maybe 407500.00 to make it look like i have thought about it...

what would you do?

Catblue

Difficult, isn't it?

On the face of it, it seems better to go for the 5 bed (rather than spend less on the 4 bed and spend the difference doing it up). Does the 5 bed have a larger garden? That would be the clincher for me.

I'd be tempted to put in an offer for £407500 on the 5 bed to give them something to think about.

I do think that you are perfectly reasonable to put offers in on other houses since the vendors of the 4 bed have gone back on what they agreed with you (insisting that you had to move within 6 weeks and then saying that they needed more time to find a house themselves). And, of course, in this market it could take them ages to find something suitable.

Premier_2

Does it matter what you offer?

What's to say the owners of this second house won't suffer a problem with the purchase of a property?
If it's been on the market 18 months, it doesn't sound like they've got anywhere to move to anyway.

Look for a property that someone is interested in selling.

zone

Tell the EA you can stretch to about £412k for the 5 bed. Depends on how badly you want the house and if it has everything you need.

stolt

thanks for the replies, couldnt get back on the board as I was at work and i put the original thread up when i was at lunch.

The 5 bed has a larger back garden and the 4 bed has a larger front garden.
The 5 bed is three reception rooms and kitchen, 4 bed is 2 reception rooms plus small study and kitchen, but has a slightly larger lounge.

Awkward, it doesnt seem the vendors of the 4th bed are going to get lucky soon as they are nearly trebling their budge and there are a handful of houses at that price range at the best of times.

just dont know what to do, i think deep down the 5 bed is better for us but just cant see them accepting that offer. I kow last year when we offered 430k they said no they want asking price, and when i soke to the EA he said this vendor is the only on eon their books that hasnt chased about buyers so werent what he would call motivated sellers. so i am concerned about them bailing put with us paying out costs for survey etc.

greenface

you have all the power but they have the houses . If you dont feel embarrased to ask its not low enough. You owe them nothing and are ready to move keep at them both then you decide what YOU want to do.

stolt

greenface wrote: »

you have all the power but they have the houses . If you dont feel embarrased to ask its not low enough. You owe them nothing and are ready to move keep at them both then you decide what YOU want to do.

yeah i know what you mean but it doesnt feel like we have the power, in fact both vendors are not what i would say desperate to move, the vendors of the 4 bed house what to buy a much bigger house and the vendors of the 5 bed want to move about 6 miles away closer their daughter and grandkids.

Will have to sit tight and see what tomorrow brings.

stolt

just browsing the nationwide website and come across the house price calculator for houses and ive put my details in and I have found the 5 bed house was sold in 2003 for 360k. the nationwide has worked out the 5 bed should be 450k!!!


''A property located in UK which was valued at £360,000 in Q2 of 2003, would be worth approximately £450,288 in Q4 of 2008. This is equivalent to a change of 25.08%.
''

Doozergirl

I'd go along with the suggestion of the offer of 412. If it's rejected, I would ask again outright for vendors to state the lowest price they would accept.

They mightn't be that motivated but it's worth trying! You must try to negotiate rather than offer and walk. Engage Tell them you had a low offer accepted next door but they aren't currently proceedable. Put the pressure on! Nothing like a bit of competition with the neighbours, lol!

Seems you're quite enamoured with this 5 bed. I can remember you talking about that one initially.:)

stolt

Doozergirl wrote: »

I'd go along with the suggestion of the offer of 412. If it's rejected, I would ask again outright for vendors to state the lowest price they would accept.

They mightn't be that motivated but it's worth trying! You must try to negotiate rather than offer and walk. Engage Tell them you had a low offer accepted next door but they aren't currently proceedable. Put the pressure on! Nothing like a bit of competition with the neighbours, lol!

Seems you're quite enamoured with this 5 bed. I can remember you talking about that one initially.:)

Hi Doozergirl, yes we loved the 5 bed but it would have killed us financially if we had gone for it back then (i think it actually left me with £50.00 to live on after all the food/bills etc were taken into account.)

heard back fro the EA this morning, they have rejected an offer of 405k. i asked the Ea how motivated they are for selling because next door is up for sale and if i don't get theirs i will go for next door. They are motivated and have said they would complete quickly and move to their daughters for 425k.

At 425k its still decent price but i feel they havent taken into account the market, but when i spoke to the EA i said i coudlnt go to 425k but my last offer woudl probably be 412k, he asked if i wanted to make it a formal offer and i said no because I'm looking at next door on saturday and want to give them the weekend to think about things. I will make an offer on monday afternoon of £412k.
The decor of this one isnt particualry nice so it has to be done up too.

jstallan

I think we live in the same area (Leigh-on-Sea thread).. got any links to these places ?